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Voisin has acted as legal counsel in connection with two issuances of CLO refinancing notes (together, the “Refinancing Notes”). Saranac CLO V Limited and Saranac CLO VII Limited together with Saranac CLO V LLC and Saranac CLO VII LLC issued just over US$640m of Refinancing Notes.
The Refinancing Notes, which are rated by Moody’s Investors Service, Inc. are collateralized primarily by a portfolio of senior secured syndicated corporate loans.
Howard O’Toole, who led the Voisin structured finance team, said “We were delighted to be involved in these resets. Despite new risk retention rules which have created additional challenges for CLO managers, the demand for CLO liabilities on both sides of the Atlantic has increased resulting in current bumper issuances which is fantastic news”.
In addition to the issuance of the Refinancing Notes, various other transaction amendments were necessary such as extensions of the stated maturity dates, changes to overcollateralization test levels and changes to comply with the Volcker Rule.
Voisin acted alongside Seward & Kissel LLP, Ashurst LLP, Nixon Peabody LLP and Milbank Tweed Hadley & McCloy. Sponsors are Canaras Capital Management LLC and Jefferies LLC.
